12/12/2018 - 06:50

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12/12/2018 - 06:50

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Financiers take control of $61 million Park Avenue apartment complex

Financiers take control of $61 million Park Avenue apartment complex

Financiers have “taken control” of developer Psaros’ $61 million Park Avenue development in Churchlands, less than a year after Psaros chief executive Danny Psaros said sales at the complex signalled a return of apartment-market confidence. The West

Gig economy is where growth is, with half of all new jobs in food, admin

Half of the jobs created in the September quarter were gig jobs, mainly in the administrative, food services and accommodation industries, according to new figures that have revealed the soft underbelly of the economy. The Aus

Gold miner creditors owed $65m

Administrators for Michael Fotios’ collapsed Eastern Goldfields have revealed the company owes creditors about $65 million. The West

Labor’s tax grab faces Senate block

An incoming Labor government will struggle to legislate its key tax increases with almost the entire Senate crossbench opposed to its plans to abolish cash refunds for excess franking credits, and none prepared to support the limiting of future negative gearing to newly constructed homes. The Fin

Priest accused of stealing $250,000

Prominent Perth Catholic priest Father Joe Walsh has been charged with stealing hundreds of thousands of dollars in parish funds after an investigation by the WA Police fraud squad and an internal church probe. The West

Health to get $1.25b funds boost

Prime Minister Scott Morrison will today announce a $1.25 billion funding boost for health services, promising more doctors and nurses for every State and Territory in a bid to take pressure off the nation’s hospitals. The West

CBA adds to banks’ $1bn bill

The scandal-prone Commonwealth Bank has added another $355 million in total provisions to its growing tally as it seeks to cover compliance fixes, repay aggrieved customers and account for delays in completing the sale of its life insurance arm. The Aus

Treasury Wine spills $4b since chief exec’s share sale

Old-school investors who believe share sales by directors and top executives are a potential danger signal have been proven right again, with $4 billion in sharemarket value vanishing from Penfolds owner Treasury Wine Estates in the past three months. The Fin

 

 

The Australian Financial Review

Page 1: An incoming Labor government will struggle to legislate its key tax increases with almost the entire Senate crossbench opposed to its plans to abolish cash refunds for excess franking credits, and none prepared to support the limiting of future negative gearing to newly constructed homes.

Peter Gregg, the former chief executive of Primary Health Care, could face up to four years in jail after he was found guilty of falsifying the books of Leighton Holdings when striking an allegedly bogus steel supply deal at the construction group in 2011.

The local division of Swiss investment bank UBS is caught up in an Australian Securities and Investments Commission inquiry examining whether fund manager trading ahead of the $393 million Brambles share sale in May should be considered front-running.

Page 3: Ahmed Fahour came close to tears as he revealed that Australia Post staff endured six months of bullying and harassment from union boss Jim Metcher.

Page 5: An attempt by Commonwealth Bank to claim up to $100 million from taxpayers in research and development rebates for an internal software system was a key trigger for a crackdown on questionable claims that has also swept up start-ups.

Government fee help for university students should be less generous and is in need of reform according to the OECD, which says the scheme is out of kilter with Australia’s other stringent meanstested social programs.

Page 6: Facebook and Google are at the ‘‘lower end’’ of an online advertising fraud epidemic that is costing businesses $19 billion a year, and regulation must extend beyond them to stop it, according to the boss of a third-party fraud detection service.

Page 13: Investors in Goldsky, the Kingscliffbased hedge fund that raised millions of dollars from local individuals and sporting stars, could be owed $12.6 million, according to a report by receivers William Buck.

Online book retailer Booktopia’s $10 million capital raising is set to become a test for new rules on crowdsourced funding amid concerns about protections for mum-and-dad investors.

Page 15: Australia’s inadequate domestic gas supply means households on the east coast are paying two-three times more for gas than the average US household while businesses are becoming uncompetitive, threatening investment and jobs, according to a Dow Chemical-sponsored report.

Page 17: Old-school investors who believe share sales by directors and top executives are a potential danger signal have been proven right again, with $4 billion in sharemarket value vanishing from Penfolds owner Treasury Wine Estates in the past three months.

 

 

The Australian                                                                                                                          

Page 1: The Transport Workers Union is pushing federal Labor to extend industry-wide bargaining beyond low-paid industries to airlines, setting up a potential showdown with Qantas chief executive Alan Joyce, who has warned that the policy will send workplace relations back to the 1970s.

Almost two-thirds of all family daycare operators who had their taxpayer subsidies cancelled for fraud and improper dealing in the past six months have come from the troubled vocational training sector and are now moving into the NDIS and aged-care sectors.

Page 2: More than $70 billion has been wiped from the value of Australia’s homes during the September quarter as banks continue to clamp down on lending and nervous buyers shy away from the weakening market.

Half of the jobs created in the September quarter were gig jobs, mainly in the administrative, food services and accommodation industries, according to new figures that have revealed the soft underbelly of the economy.

Page 6: The West Australian Labor government was warned of the potentially “severe” consequences of awarding a $205 million contract to controversial Chinese company Huawei to build and maintain a 4G communications system for Perth’s rail network.

Page 17: The scandal-prone Commonwealth Bank has added another $355 million in total provisions to its growing tally as it seeks to cover compliance fixes, repay aggrieved customers and account for delays in completing the sale of its life insurance arm.

More than $1 billion worth of Australian banknotes in circulation are being used for drug trafficking, according to a landmark study about where the nation’s cash goes.

Page 21: QBE Insurance chief Pat Regan’s blueprint for the company has failed to assuage investor concerns about earnings growth, despite his unveiling of new reinsurance and cost-cutting programs and an end to the offshore divestment drive.

 

 

The West Australian

Page 1: Prominent Perth Catholic priest Father Joe Walsh has been charged with stealing hundreds of thousands of dollars in parish funds after an investigation by the WA Police fraud squad and an internal church probe.

Threaten to clump your bank or risk paying tens of thousands dollars in "loyalty taxes" on your home loan, the competition watchdog says.

Page 3: Prime Minister Scott Morrison will today announce a $1.25 billion funding boost for health services, promising more doctors and nurses for every State and Territory in a bid to take pressure off the nation’s hospitals.

Page 4: Premier Mark McGowan will warn Prime Minister Scott Morrison today that unless Canberra provides more cash for roads and hospitals, WA will not take migrants bound for congested Sydney and Melbourne.

Page 14: Perth Airport has installed sleeping pods at its T1 international terminal for travellers who want to catch up on sleep between flights.

Page 18: Tens of thousands of WA subcontractors will have their pay protected under plans for a generational shake-out of the $20 billion building industry.

Business: Administrators for Michael Fotios’ collapsed Eastern Goldfields have revealed the company owes creditors about $65 million.

The Federal Government has joined the push for Australia to become a major processing, manufacturing and trading hub for lithium-ion batteries.

Property: Financiers have “taken control” of developer Psaros’ $61 million Park Avenue development in Churchlands, less than a year after Psaros chief executive Danny Psaros said sales at the complex signalled 

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